SPBC vs. GBTC
SPBC (Simplify US Equity PLUS GBTC ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. SPBC is actively managed, while GBTC is passively managed. Over the past 5 years, SPBC returned 15.96%/yr vs 10.42%/yr for GBTC. A 0.68 correlation means they provide meaningful diversification when combined. SPBC charges 0.50%/yr vs 1.50%/yr for GBTC.
Performance
SPBC vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, SPBC achieves a 7.71% return, which is significantly higher than GBTC's -25.79% return.
SPBC
- 1D
- -0.90%
- 1M
- 3.04%
- YTD
- 7.71%
- 6M
- 7.18%
- 1Y
- 21.45%
- 3Y*
- 28.29%
- 5Y*
- 15.96%
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -18.48%
- YTD
- -25.79%
- 6M
- -30.25%
- 1Y
- -39.46%
- 3Y*
- 52.23%
- 5Y*
- 10.42%
- 10Y*
- 50.46%
SPBC vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 7.71% | 16.83% | 37.32% | 48.04% | -28.00% | 14.87% |
GBTC Grayscale Bitcoin Trust ETF | -25.79% | -7.65% | 113.81% | 317.61% | -75.80% | 8.70% |
Correlation
The correlation between SPBC and GBTC is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.68 |
The correlation between SPBC and GBTC has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.
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Return for Risk
SPBC vs. GBTC — Risk / Return Rank
SPBC
GBTC
SPBC vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) and Grayscale Bitcoin Trust ETF (GBTC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SPBC | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.86 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.80 | +2.56 |
| Martin ratioReturn relative to average drawdown | 6.38 | -1.38 | +7.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPBC | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | -0.91 | +2.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 0.17 | +0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.66 | +0.14 |
Drawdowns
SPBC vs. GBTC - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SPBC and GBTC.
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Drawdown Indicators
| SPBC | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -89.91% | +55.92% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -49.55% | +37.31% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -49.55% | +28.55% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | -85.42% | +51.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -1.28% | -48.46% | +47.18% |
Average DrawdownAverage peak-to-trough decline | -8.64% | -43.43% | +34.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 28.63% | -25.26% |
Volatility
SPBC vs. GBTC - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 3.38%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.43%. This indicates that SPBC experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBC | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 9.43% | -6.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.92% | 34.39% | -23.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 43.66% | -29.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 62.45% | -42.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 82.21% | -61.82% |
SPBC vs. GBTC - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
SPBC vs. GBTC - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.83%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.83% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPBC and GBTC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.43%) compared to SPBC (3.38%). In terms of maximum drawdown, SPBC dropped -33.99% vs GBTC's -89.91%.
On 5-year performance, SPBC leads with 15.96% vs 10.42% for GBTC. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPBC has performed better with a 15.96% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBC is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
SPBC has the higher dividend yield at 0.83%, compared with 0.00% for GBTC.
SPBC is categorized as Diversified Portfolio, while GBTC is Cryptocurrency. They also come from different issuers: Simplify and Grayscale. Their fees differ too: 0.50% for SPBC and 1.50% for GBTC.
SPBC currently has the higher Sharpe Ratio (1.49 vs -0.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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